Remote Banking in Georgia

Comprehensive Banking Guide for Foreigners in Georgia

Georgia, known for its warm hospitality and breathtaking landscapes, is also home to a robust banking sector that caters well to expatriates and foreigners. This comprehensive banking guide aims to provide valuable insights into banking facilities, procedures, and crucial information for foreigners looking to manage their finances effectively in Georgia.

Banks Accepting Foreigners

One of the key considerations for foreigners in Georgia is finding banks that are open to servicing non-residents. Among the most prominent banks that accept foreign customers are TBC Bank, Bank of Georgia, and Liberty Bank. These institutions have established themselves as reliable and customer-friendly, making them popular choices among expats.

KYC Requirements

Know Your Customer (KYC) regulations are in place to ensure transparency, prevent fraud, and safeguard the integrity of the banking system. When opening an account in Georgia, foreigners are required to provide the following documents:

1. Valid passport 2. Proof of address (utility bill or rental agreement) 3. Proof of income (employment contract, bank statements, or tax returns) 4. Reference letter from a previous bank (sometimes required)

These KYC requirements may vary slightly between banks, so it is advisable to check with the specific institution beforehand.

Wise/Revolut Availability

The popular digital banking services Wise (formerly TransferWise) and Revolut are available in Georgia, offering convenient and cost-effective solutions for international money transfers and currency exchange. Both platforms allow users to hold multiple currencies in a single account, making them ideal for frequent travellers or expatriates.

ATM Fees

ATM fees in Georgia can vary depending on the bank and location. While some banks may charge a fee for using their ATMs, others offer free withdrawals for their customers. It is advisable to inquire about the fee structure before making a withdrawal to avoid unexpected charges.

Multi-Currency Options

Several banks in Georgia provide multi-currency accounts, allowing customers to hold various currencies in a single account. This feature is particularly beneficial for expatriates receiving income in different currencies or frequently travelling abroad. TBC Bank and Bank of Georgia are known for offering multi-currency account options to their customers.

Opening Process

Opening a bank account in Georgia as a foreigner is a relatively straightforward process. Here is a general overview of the steps involved:

1. Choose a bank that caters to non-residents and visit a branch office. 2. Complete the account opening application form and provide the necessary KYC documents. 3. Wait for the bank to verify your information and approve the account opening. 4. Receive your account details and start using your new bank account.

It is recommended to schedule an appointment with the bank in advance to streamline the account opening process and ensure a smooth experience.

Currency Exchange Tips

Currency exchange services are widely available in Georgia, with exchange bureaus located in major cities and tourist areas. When exchanging currency, consider the following tips to get the best rates:

1. Compare rates from multiple exchange bureaus to find the most competitive offer. 2. Avoid exchanging money at airports or tourist hotspots, as they often have higher fees. 3. Be cautious of hidden fees or commissions and inquire about the total cost of the transaction before proceeding.

Tax Residency Clarification

For foreigners residing in Georgia, understanding tax residency rules is essential to comply with local tax regulations. The criteria for determining tax residency in Georgia include the number of days spent in the country and the individual's intention to establish a permanent residence. It is advisable to consult with a tax advisor or legal expert to clarify your tax residency status and fulfil your tax obligations accordingly.

In conclusion, Georgia offers a favourable banking environment for foreigners, with reputable banks, flexible account options, and convenient digital banking services. By familiarising yourself with the banking procedures, KYC requirements, and currency exchange tips outlined in this guide, you can navigate the Georgian banking system with confidence and make informed financial decisions during your stay in the country.